Did you take on renovation projects while working from home in 2020? The dramatic shift many workers experienced during COVID-19 meant more time for that honey-do list to be completed. And since travel to and from work was eliminated, there were more funds to make it happen.
Do you know if your home reno qualifies as a tax deduction or credit? If you set aside money in your mortgage when you purchased the home (and made the renovations), you can deduct the interest amount you paid on those designated funds.
Medically necessary renovations like wheelchair ramps, bathroom modifications, lowering countertops, and widening of doors and hallways can be deducted as medical expenses as long as they don't increase the value of your home.
Let our Santa Rosa Beach and Destin FL real estate agents guide you through the home buying process. Whether you are looking to buy or sell a Destin vacation rental property, move to the Santa Rosa Beach area full-time, or make a PCS military move to Emerald Coast cities near Eglin Air Force Base or Hurlburt Field, we are here to help.
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